Over $600M in Bitcoin longs liquidated as BTC dips toward $60K
Many traders expect Bitcoin to stage a short-term relief bounce toward $70,000, but the broader technical setup remains bearish for BTC.
Standard Chartered said bitcoin's low is "almost in," citing resilient ETF holdings and likely Strategy buybacks after a painful week for crypto.
This incident could undermine trust in prediction markets, potentially deterring future participants and affecting market integrity.
June 4, 2026, 8:27 amThe U.S.
June 4, 2026, 8:24 amMany traders expect Bitcoin to stage a short-term relief bounce toward $70,000, but the broader technical setup remains bearish for BTC.
Bitcoin has a funny way of looking sudden. One moment, the chart is quiet; the next moment, everyone in the group chat is shouting about a breakout or a crash. But most big Bitcoin moves do not come from nowhere. The market usually leaves small footprints before the crowd sees the road.
Strategy has about $900 million sitting in its USD reserve account, even as its stock takes a beating on Wall Street following the company’s first Bitcoin sale in years. Stock Slides As Investors Grow Uneasy MSTR shares dropped more than 9% on Tuesday, June 2, and are now down nearly 25% over the past month.
UMA voters ruled that Strategy's June 1 disclosure counted for the June contract, even though the company said it sold bitcoin during the final week of May.
Bitcoin demand has been drying up, with conviction being low too.
Spot gold rose to $4,574 while Bitcoin faced $733M ETF outflows, a $1.29B IBIT block trade, and $958.8M in liquidations.
Bitcoin has lost the $66,000 level as selling pressure and uncertainty intensify across a market that is now testing support levels not seen since the early stages of this year’s recovery.
Bitcoin traders are watching $60,000 after US-listed funds tied to the coin shed $519 million in a single day, extending a run of withdrawals that has shaken the market. The cryptocurrency dipped 4.5% on Wednesday to an intraday low of $65,700 before recovering to around $67,100.
BlackRock's IBIT shed another $342 million on Wednesday as ether, solana and XRP funds joined the redemption wave, leaving Hyperliquid's HYPE products as the only major crypto ETF category still pulling in net new money.